As part of the GIIN’s mission to accelerate the scale and effectiveness of impact investing, we publish job openings from members of the GIIN Investors’ Council and other impact investing leaders.

Deputy Chief Investment Officer (CIO) for Higher Risk Investment Portfolio, Chief Investment Office

at CDC Group plc in London, UK

About the Job

Our Mission

  • Our mission is to support the building of businesses throughout Africa and South Asia, to create jobs and make a lasting difference to people’s lives in some of the world’s poorest places.
  • We aim to invest in countries where we can have the greatest impact. In countries where the private sector is weak and jobs are scarce.
  • We invest in sectors where growth leads to jobs – both directly and indirectly. In sectors such as manufacturing, agribusiness, infrastructure, financial institutions, construction, health and education. Last year, the businesses we invest in created more than a million jobs.
  • We are successful because we are a high quality investment organisation, using the best commercial skills and judgement to make investments in great companies and support them to grow over the long term. We therefore want to attract people with these skills but who are motivated to use them to dramatically improve the private sector in Africa and South Asia
  • For further information, please visit our website www.cdcgroup.com

Background

CDC, the UK’s Development Finance Institution, is pioneering a series of new investment strategies, each designed to unlock or accelerate a market in Africa or South Asia that could bring significant development impact. To enable this, each strategy will seek to make a series of catalysing investments and bear more risk at the portfolio level than CDC’s main portfolio. The six initial strategies (known collectively as ‘investment policy 2’ or ‘IP2’ inside CDC) focus on markets as diverse as medical supply access, electrical transmission and distribution and impact funds. There is the potential for more strategies to be developed in the future, including in agriculture.

The Role

Purpose

  • We are now looking for an exceptional individual to coordinate this exciting approach, which we believe to be unique in development finance, and oversee the investment portfolio that grows from it.
  • Key responsibilities of the role include supporting investment teams in developing new strategies or amending existing ones, supporting IP2 portfolio management processes, monitoring the overall IP2 portfolio for impact and financial risk and return and acting as strong internal and external advocate for the work.
  • The role will report to CDC’s group CIO.

Responsibilities
Mapping/scoping future strategies

  • Develop a process for originating and then assessing future potential of highly additional investments (IP2) qualifying strategies, working closely with existing investment teams and sector specialists /sector development impact experts. In doing so, ensure:
    • due attention is given to strategies that originate and/or could be managed by partners outside of CDC as well as in-house ideas (see partnerships section below)
    • the parallel development of CDC’s 7 sector strategies help to inform the development of future IP2 strategies
    • the future approach to originating and assessing future strategies learns from the original approach CDC took to developing its six initial IP2 strategies between 2014-2017
  • Attend board-level decision-taking meetings on new qualifying strategies

Key CDC relationships: all investment teams, sector specialists and sector DI experts, corporate strategy team, external partners

Supporting decision-making process for individual strategies and investments

  • Support the assessment process for new IP2 qualifying strategies, working with Exco and the Board, as well as supporting any major shifts in existing IP2 qualifying strategies
  • Support a consistent Investment Committee approach to specific IP2 considerations (e.g. fit with qualifying strategy), and advising on appropriate IP2 Investment Committee composition
  • Maintain and help to enforce a ‘blending’ policy in the event IP2 investments ever blend with investments in CDC’s main portfolio
  • Be a member of Investment Committees considering IP2 investments

Key CDC relationships: IP2 investment teams, CIO, individual investment committee members, Exco, Board

Supporting portfolio management process

  • Support the development of a robust and consistent IP2 portfolio management process including:
    • a consistent way of tracking development impact and financial performance and risk, both within and across different IP2 strategies as well as for the IP2 portfolio as a whole
    • a process for considering additional capital requirements or, conversely, reshaping or stopping strategies that are not performing
    • a way of monitoring the implications of IP2 performance on overall CDC profitability and sustainability
    • consider whether CDC’s approach to exits needs adjusting for IP2 investments (for example, to give appropriate regard to impact considerations). Develop an approach to existing whole strategies, and also for the prospect of strategies to ‘graduate’ from IP2 to the main CDC investment portfolio

Key CDC relationships: IP2 investment teams, portfolio analysis team, CIO

Assessing development impact

  • Support the IP2 investment teams developing and tracking the development impact case, including setting and collecting impact metrics, for each IP2 transaction, and assessing whether realised impact is greater or lesser than intended impact
  • Lead on assessing the sector or market-level impact across the whole of an IP2 strategy, working closely with the CDC evaluation programme

Key CDC relationships: IP2 investment teams, embedded DI teams, head of DI evaluations, Devco sub-committee of CDC Board

Developing high-value partnerships and representing CDC externally

  • Develop and maintain a small but high-quality set of relationships with potential or active IP2 partners who may help to originate, manage or co-invest with CDC IP2 strategies. These partners will be diverse, but could include impact investors and major philanthropies and grant-makers as well as commercial investors, and should be complementary to the relationships held by IP2 teams themselves
  • Represent CDC in impact investing debates and blended/finance discussions, as helpful, and at the appropriate senior level
  • Develop thought-leadership pieces that reflect CDC’s pioneering approach to market-building, higher risk investing
  • Maintain a watching brief of how other actors use concessional finance and any opportunities or risks this presents to any part of CDC’s operations (including the main investment portfolio)

Key CDC relationships: comms and stakeholder team, corporate strategy team, DI policy and research team, any future ‘mobilization’ team/bench

Internal representation

  • Be an internal advocate for IP2 across all CDC teams and with the Exco and Board
  • Seek synergies and cross-learnings across IP2 teams, for example by organising an internal, annual IP2 ‘day’ for CDC staff working on IP2 strategies and investment

Key CDC relationships: various but incl. Exco and Board

Team Structure
Initially this role is foreseen as a standalone position within the CIO’s office. There will be a strong emphasis in working alongside other individuals and teams across CDC. In due course additional resource from direct reports may be justified.

CDC Identities
We look for candidates who share our culture and reflect our identity, the CDC identities are described as follows:

  • Compassion is central to everything we do
  • We owe our clients and prospective clients a fast and thoughtful process
  • We accept the tough challenges inherent in our mission
  • We are quick and non-defensive when things go wrong
  • We oppose bureaucracy
  • We never forget that we are investing and spending tax payers’ money
  • We promote a fulfilling work environment

Please submit a cover note with your application.

Salary: competitive

Qualifications

The Candidate

Background
This is an unusual opportunity so we are open-minded on the right attributes for the role, but we expect some combination of:

Career history:

  • extensive experience in sustainable, responsible or impact investing, or with development finance institutions, ideally across a range of assets classes/ investment instruments
  • experience of international development or of working in emerging markets will be a significant bonus

Skills and style:

  • experience of portfolio monitoring and analysis, and strategy development
  • an ability to provide leadership in a matrix setting and work effectively across teams.
  • sufficient gravitas to influence at c-suite/board level and be respected as a peer by heads of investment teams
  • strong written and verbal communication skills including a willingness to speak at high-profile external events. Strongly collaborative in nature
  • Experience of international development or of working in emerging markets is desirable

Motivation:

  • must be highly driven by CDC’s development mandate, and excited by the chance to establish CDC as a pioneer in the field of market-building, higher risk investing

To apply

https://goo.gl/3pKcp2

CDC Group plc

CDC is the UK’s Development Finance Institution (DFI) tasked with the inspiring mission to invest in businesses in Africa and South Asia to create jobs and make a lasting difference to people’s lives in some of the world’s poorest places. Established in 1948, CDC is the world’s oldest DFI and has a proud heritage supporting the building of successful businesses across emerging and frontier markets. CDC is currently going through an exciting transformation, which has seen it extend the range of its activities to include direct equity investing and direct lending alongside its fund selection business. Between 2004 and 2011 CDC operated as a funds investor only.

Wholly owned by the UK Government’s Department for International Development (DFID), CDC plays a key role in DFID’s strategy to reduce poverty in the developing world by supporting economic growth and creating jobs. In recognition of CDC’s high quality and developmental approach to investing, DFID recently announced a significant new capital injection of £735 million into CDC. Prior to this, since inception the UK Government had invested a net £144 million into CDC, which had been turned into net assets of £3.4 billion. The new investment will allow CDC to invest on a greater scale in job-creating sectors such as agribusiness, infrastructure, financial institutions and construction.

CDC takes a wholly commercial approach to its investing and lending activities, but, as a DFI, each investment is motivated by the development impact it will achieve. As it invests from its own balance sheet, CDC has considerable flexibility in how it structures investments and in the risk-return profiles it can consider. It is also able to take a longer view – up to and beyond ten years if necessary. CDC is currently invested in over 1,300 companies in 74 countries.

CDC invests in a number of ways:
• placing capital with expert fund managers (GPs) who then use their local knowledge and expertise to find promising businesses in which to invest;
• making direct investments or co-investing in specific businesses, alongside local GPs or like-minded investors; and
• making loans or guarantees

To achieve its vision and mandate, CDC is looking to build its team and, in particular, attract high quality investment professionals who are motivated to use their skills to develop the private sector in Africa and South Asia. For further information, see www.cdcgroup.com